PG&E Profits Soar After Rate Hikes

Source: Fox 2 KTVU  |  By Allie Rasmus

PG&E reports it made a $2.24 billion dollar profit last year — a 24% increase from the year before. In a call with investors, PG&E credits last year's rate increases with boosting its bottom line and said it expects to remain profitable through 2028.

"Shareholders are pocketing money based on record rate increases," said Mark Toney, executive director of the non-profit TURN, the Utility Reform Network. Toney said PG&E is planning to ask state regulators to approve more rate hikes in the future. "PG&E has currently sitting on the desk of the California Public Utilities Commission, no less than 12 separate proposals for increases – twelve," he said. "I do think that if enough people call in to their state representatives, the governor's office, and the CPUC they will feel the pressure," said Toney. "This is the time to increase the pressure, especially now that everyone knows PG&E is turning record profits."